Increasing disposable income and rising pet population to drive global pet food market through 2024
According to TechSci Research report, “Global Pet Food Market By Pet Type, By Point of Sale, By Region, Competition, Forecast & Opportunities, 2024”, global pet food market is projected to reach $ 98 billion by 2024, on the back of increasing disposable income. Moreover, concerns about the quality, safety and provenance of traditional pet food along with demand for natural and organic pet products for rapidly increasing pet population would further steer growth in the market. Additionally, rising pet care concern globally, surging demand for pet food, and increasing trend for online shopping on the back of rising number of internet users, convenience offered by the shopping websites in terms of less delivery time, attractive discounts and schemes, and various other benefits is further expected to propel global pet food market during forecast period.
Growing internet connectivity, new business models and rising digital media have provided many companies an opportunity to promote their brands. The companies are also focusing on creating effective supply chain and engaging with online retail platforms and institutions. With increasing sophistication and awareness among consumers regarding pet food, the demand for pet food is likely to rise in the country over the coming years. In addition, exclusive retail pet stores are expanding in the global market. Such stores are becoming increasingly popular among pet owners due to their one stop solution offerings for all pet requirements, including food, accessories, services, etc. Some of these pet superstores also offer high-end pets products for the consumers belonging to premium segment.
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“Regionally, North America pet food market accounted for majority share in global pet food market in 2018. On the back of increasing online marketing, augmenting focus towards vegetarian pet food products, surging product innovations, rising demand for organic pet food and prepared pet food are few of the factors driving pet food market in the region. The diversification of the consumer base and the growing importance of younger consumers is propelling the development of ethical consumerism in pet care.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Pet Food Market By Pet Type, By Point of Sale, By Region, Competition, Forecast & Opportunities, 2024”, has evaluated the future growth potential of global pet food market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global pet food market.
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